Pakistani stocks call it a week with a strong finish

KARACHI: Powered by Pakistan State Oil Co Ltd's (PSO) surprise earnings coupled with a handsome payout, the Pakistani capital market closed week on a recovery note on Friday.

The 100-Index of the Karachi Stock Exchange (KSE) mustered up gains to the tune of 1.19 percent, or 304.35 points to finish at 25,783.28 level.

Pundits said PSO's stronger-than-expected corporate results contributed to an over the board rally at KSE. Moreover, foreign inflows in the last two days also helped boost the sentiments, they added. A rally was also seen in oil and cement sector.

PSO rose 5 percent to 360.47 rupees while Maple Leaf Cement Factory Ltd was up 5 percent to 29.27 rupees.

The rupee ended at 104.87/104.92 against the dollar compared to Thursday's close of 104.90/105.95.

Overnight rates in the money market rose to 10.00 percent from Thursday's close of 7.50 percent.